Government Banking Implementation of Rail Shakti Product of State Bank of India.
Sub: Government Banking- Implementation of “Rail Shakti Product” of State Bank of India.
Attention is invited to Board’s letter of even no. 2006/ACII/9/l/Pt.II dated 11.07.12 (RBA No. 24/2012) (copy enclosed) regarding introduction of “Rail Shakti Scheme’ of SBI over the Railway’s for stations not having cash deposit facility. The scheme envisages remittance of Railway earnings by stations in nearby SBI branches without opening a Railway deposit account.
In this regard, SBI has brought out that till date only 650 stations have been covered under the above scheme on the Railways despite repeated pursuance with the Railways. State Bank of India has now proposed to adopt hybrid model of Rail Shakti and Door Step Banking as per the requirement of Zonal Railways to extend this scheme further to cover stations and out agencies not having cash deposit facility (copy enclosed).
Kindly explore the feasibility of implementation of the scheme as per your requirements to cover stations not having local deposit accounts, under intimation to this office.